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Robotic Process Automation Market by Offering (Software, Services), Type (Attended RPA, Unattended RPA), Application (Customer Account Management, Employee Onboarding), Sector (BFSI, IT & Telecom, Healthcare), and Geography - Global Forecast to 2030
Report ID: MRICT - 104596 Pages: 264 Apr-2023 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportThe growth of the robotic process automation market is driven by the growing demand for automation in business processes, the increasing adoption of advanced technologies such as cloud, AI, and machine learning, and the rising demand for robotic process automation solutions in the BFSI sector. However, the high implementation cost restrains the growth of the robotic process automation market. The rising adoption of RPA-enabled self-learning conversational chatbots and the use of robotic process automation solutions in the healthcare sector are expected to create market growth opportunities. However, misconceptions and a lack of awareness regarding robotic process automation are challenges for the players in this market. The growing adoption of cloud-based robotic process automation and rising demand for collaborative robotic process automation are the latest trends in the RPA market.
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The banking and financial industry is seen to be growing exponentially over the past few years with the implementation of technological advancements resulting in faster, more secure, and reliable services. To remain competitive in the market, especially with the more widespread adoption of virtual banking, banking firms are finding a way to deliver the best possible user experience to their customers and driving the adoption of robotic process automation solutions.
Robotic process automation in the banking industry is leveraged to automate multiple time-consuming, repetitive processes like account opening, KYC process, customer services, and many others. Also, banks implement intelligent automation by adding AI technologies, such as machine learning and natural language processing capabilities. This enables robotic process automation software to handle complex processes, understand human language, recognize emotions, and adapt to real-time data. In addition, robotic process automation in finance further helps anti-money laundering investigations by deploying an “if-then” method to spot potential fraud. For instance, if many transactions were made in a short period of time, RPA can flag the account as a potential threat and report it to the concerned department. Thus, the surging need for improving the agility of work and customer experience and the rising demand for fraud detection in the BFSI sector drive the growth of the robotic process automation market.
Some of the recent developments in this space are as follows:
In 2023, the Software Segment is Expected to Account for the Largest Market Share
Based on offering, in 2023, the software segment is expected to account for the largest share of the robotic process automation market. The large market share of this segment is attributed to the growing demand for automation in business processes, the increasing focus on solution-centric automation capabilities, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. In addition, the benefits offered by robotic process automation solutions, such as improved productivity, efficiency, accuracy & quality, cost-effectiveness, consistency, and better IT support and management, further support the growth of this segment. Several providers are investing in R&D to improve their automation solutions and make them more affordable for customers. However, the services segment is slated to register the highest CAGR during the forecast period.
The Cloud-based Deployment Segment to Register the Highest CAGR
Based on deployment mode, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The rapid evolution of avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.
The Attended RPA Segment to Register the Highest CAGR
Based on type, the attended RPA segment is projected to register the highest CAGR during the forecast period. The growing demand for attended RPA in data entry and document retrieval of customer information and the rising demand for attended RPA in the BPO sector are expected to support the segment's growth.
Based on sector, the healthcare segment is projected to register the highest CAGR during the forecast period. The growing adoption of robotic process automation in managing and scheduling appointments, medical billing processes, and patient onboarding is expected to support the growth of this segment. In addition, growing healthcare R&D spending, the need for serialized tracking and tracing of drugs, and the increasing use of innovative robotic process automation solutions are expected to drive the segment's growth during the forecast period.
Asia-Pacific to Be the Fastest-growing Regional Market
In 2023, North America is expected to account for the largest share of the robotic process automation market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is slated to record the highest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth of regional economies, the growing e-commerce sector in APAC, rising adoption of advanced technologies such as cloud, AI, and machine learning, and government initiatives promoting the adoption of advanced robotic process automation solutions contribute to the rapid growth of this regional market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading RPA industry participants in the last 3–4 years. The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.).
Scope of the Report:
Robotic Process Automation Market, by Offering
Robotic Process Automation Market, by Type
Robotic Process Automation Market, by Organization Size
Robotic Process Automation Market, by Deployment Mode
Robotic Process Automation Market, by Application
Robotic Process Automation Market, by Sector
Robotic Process Automation Market, by Geography
Key Questions Answered in the Report:
The robotic process automation market is projected to reach $35.9 billion by 2030, at a CAGR of 20.2% during the forecast period.
In 2023, the BFSI segment is estimated to account for the largest share of the robotic process automation market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of robotic process automation solutions for various financial processes, and rising demand for fraud detection.
The growth of the robotic process automation market is driven by the growing demand for automation in business processes, the growing adoption of advanced technologies such as cloud, AI, and machine learning, and the rising demand for robotic process automation solutions in the BFSI sector. Furthermore, the rising adoption of RPA-enabled self-learning conversational chatbots and the growing adoption of robotic process automation solutions in the healthcare sector are expected to offer significant growth opportunities for the players in this market.
The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.)
At present, North America dominates the robotic process automation market. However, Germany, Japan, China, India, South Korea, and the U.K. are expected to witness strong growth in demand for robotic process automation in the coming years.
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